Trump plans new tariffs on imports from Mexico, Canada, and China on first day in office

Donald Trump plans to impose significant tariffs on imports from Mexico and Canada, starting at 25% on his first day in office. This move aims to address illegal immigration and drug trafficking, potentially disrupting the North American trade agreement. In addition, Trump proposes a 10% tariff on Chinese imports until China takes action against fentanyl production. Business groups warn that these tariffs could lead to higher inflation, while Mexico is preparing retaliatory tariffs on U.S. goods. House Democrats have introduced legislation to limit a president's ability to impose such tariffs unilaterally. The proposed tariffs could generate around $266 billion in tax collections, significantly impacting U.S. consumers and businesses.